Britain's biggest bank HSBC has said it had not made a decision to leave the UK following reports, but warned the country's "competitive position needs protection".

The bank, which more than doubled annual profits in 2010, was responding to a claim that a major, unnamed investor told The Sunday Telegraph "we were told that a move is now more than likely".

HSBC, which has been headquartered in London for 19 years, warned key investors that the full-year results, which came in below analyst expectations, made arguments for moving to Hong Kong "overwhelming", it was reported.